ElectriVa, an electric vehicle charging start-up, is in talks to raise USD 30 million, which will be used to expand the company in response to demand for charging stations from government organizations and housing societies.
The company presently operates 35 charging stations and plans to construct approximately 3,200 charging outlets in fiscal years 2022 and 2023.
“We feel this is the appropriate time to raise capital and aggressively expand to become the market leader.” We have already secured some contracts and are in discussions with a number of housing societies, government agencies, malls, and academic institutions throughout all major urban cities to build charging stations. “The financing will enhance our growth,” stated Sumit Dhanuka, owner of ElectriVa, a major EV charging firm.
The agreement given by Delhi’s local city council includes significant areas such as Lajpat Nagar, South Ex, Dhaulakuan, Vasant Vihar, and RK Puram.
ElectriVa is presently one of India’s major individual EV charging station operators. Sumit Dhanuka, a Delhi-based businessman with knowledge about renewable energy, recently founded the company.
The payment charge will be the primary source of revenue for the company. However, given the availability of critical locations, it would also investigate other non-core revenue streams.
By 2030, India is expected to experience a significant EV surge. A FICCI analysis estimates that India will require almost 4 lakh charging points by 2026.
“ElectriVa intends to be a market leader in the EV charging market with a market share of more than 25%,” Dhanuka added.
